聚酯数据日报-20251215

Report Industry Investment Rating - No information provided 2. Core Viewpoints of the Report - The PTA market declined slightly, and it was still in a state of destocking, with a slight increase in the spot basis. The gasoline cracking profit of PTA declined, and the PX - naphtha spread widened to $252, reflecting raw material cost pressure, but the PX - benzene spread only slightly increased to $210, weakening the overall profit of the combined aromatics unit. The polyester new device put into production kept the polyester load at a high level, and the PTA consumption was close to the historical high in May. The cancellation of the Indian BIS certification was expected to drive an increase in exports [2]. - The ethylene glycol futures maintained low - level volatile trading, and the spot price in Zhangjiagang adjusted slightly, with the basis negotiation weakening. The ethylene glycol price was difficult to get effective support due to the continuous decline of coal prices, and the market supply pressure continued to increase with the new devices being put into production. The increase in polyester export inquiries was expected to boost the export demand of textile and clothing, supporting the downstream weaving sector to maintain a high load [2]. 3. Summary by Relevant Catalogs 3.1 Market Data Changes - INE crude oil price dropped from 439.7 yuan/barrel on December 11, 2025, to 437.6 yuan/barrel on December 12, 2025, a decrease of 2.10 yuan/barrel [2]. - PTA - SC decreased from 1468.7 yuan/ton to 1433.9 yuan/ton, a decrease of 34.74 yuan/ton; PTA/SC decreased from 1.4596 to 1.4509, a decrease of 0.0087 [2]. - CFR China PX decreased from 836 to 831, a decrease of 5; PX - naphtha spread increased from 277 to 282, an increase of 6 [2]. - PTA主力期价 decreased from 4664 yuan/ton to 4614 yuan/ton, a decrease of 50 yuan/ton; PTA现货价格 decreased from 4640 yuan/ton to 4610 yuan/ton, a decrease of 30 yuan/ton [2]. - PTA现货加工费 decreased from 178.7 yuan/ton to 173.4 yuan/ton, a decrease of 5.3 yuan/ton; PTA盘面加工费 decreased from 202.7 yuan/ton to 182.4 yuan/ton, a decrease of 20.3 yuan/ton [2]. - PTA主力基差 increased from (21) to (20), an increase of 1; PTA仓单数量 decreased from 141,907 to 140,623, a decrease of 1,284 [2]. - MEG主力期价 increased from 3599 yuan/ton to 3627 yuan/ton, an increase of 28 yuan/ton; MEG - naphtha increased from (165.94) to (165.13), an increase of 0.8 [2]. - MEG内盘 decreased from 3631 to 3603, a decrease of 28; MEG主力基差 increased from - 20 to - 16, an increase of 4 [2]. - POY150D/48F remained unchanged at 6340; POY现金流 increased from (94) to (59), an increase of 35 [2]. - FDY150D/96F decreased from 6580 to 6575, a decrease of 5; FDY现金流 increased from (354) to (324), an increase of 30 [2]. - DTY150D/48F decreased from 7720 to 7690, a decrease of 30; DTY现金流 increased from 86 to 91, an increase of 5 [2]. - 1.4D直纺涤短 decreased from 6355 to 6305, a decrease of 50; 涤短现金流 decreased from 271 to 256, a decrease of 15 [2]. - 半光切片 decreased from 5510 to 5500, a decrease of 10; 切片现金流 increased from (24) to 1, an increase of 25 [2]. 3.2 Industry Chain Start - up Situation - PX开工率 remained unchanged at 86.48%; PTA开工率 remained unchanged at 74.77%; MEG开工率 remained unchanged at 59.98%; 聚酯负荷 remained unchanged at 88.41% [2]. 3.3 Device Maintenance Dynamics - A 2.5 - million - ton PTA device in East China was restarting and was expected to produce products in the near future, and it was shut down for maintenance around November 17 [3].